OPEC wants oil to reach $70 a barrel

[WriteDown]

Source: AFP

ALGIERS (AFP) – OPEC wants to see oil prices rising to more than 70 dollars a barrel, the oil cartel's secretary general Abdalla El-Badri said Sunday.

"The price of 50 dollars is not enough to cover investment costs for the future," El-Badri told reporters in Algiers.

"The price which allows reasonable and acceptable revenues is more than 70 dollars a barrel," he added.

El-Badri was speaking after talks with Energy Minister Chakib Khelil ahead of the next meeting of the Organization of Petroleum Exporting Countries in Vienna on May 28.

"There are positive signs of a recovery in the world economy, which we have to take into account before taking a decision on the future," he added, in response to a question regarding a possible cut in oil production....

Read more: http://news.yahoo.com/s/afp/20090426/ts_afp/oilpriceopec

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Actually they said MORE than 70$/barrel.

[Deja Q]

1. Well, like corporate figures tell the working class, shouldn't they be saving for a rainy day?

[izquierdista]

2. And I want to win the lotto

[Fire_Medic_Dave]

3. They set their countries budgets at $80 a barrel.

[Deja Q]

4. self-del

Self-del

[ixion]

5. Yes, and I'd like to be charging 100+ an hour

but I can't do that because of off-shoring and H1-B Visas driving what an engineer can charge.

So I don't really have any pity for them. :nopity:

[madrchsod]

6. the sun must be getting to the oily boys...

raise the price,raise inflation, and cause another recession...

[ejpoeta]

7. this is why we need to get away from foreign oil..... heck, oil in general!!

as long as we are so dependent on oil, these clowns are going to do this kind of stuff. it's not working right now because the economy all over is so bad, but eventually the economy will come back and then watch out. the price of oil is going to go crazy. it's called national security folks.

[BumRushDaShow]

8. They have to pay off those loans for all those empty condos and indoor ski slopes in Dubai.

[Andy823]

9. Last year

I think it was around December, 60 minutes did an interview with the oil minister, or energy, not sure if it was this same guy, but he said $55 a barrel was needed to run the country, but more was better for them. He also talked about the new drilling stations that had cost billions to build, all state of the art stations built with the "excess" money they made during the Bush years. He also talked about a project they were working on building a huge "solar energy" farm in the dessert. He said they planned to sell energy from the solar farm to other countries. Another thing he admitted to was that they did not want to see new sources of renewable energy developed because it hurt their bottom line profits!

We need to get off the oil, and produce renewable energy so we don't have to go through the BS we went through for 8 years with Bush, and the increasing cost of fuel every year the was in office! As has already been mentioned, things will go back to the way they were when the economy gets better, and that may be good for the oil industry, but not for the people of the U.S. and around the world! Green, renewable energy is the way to go, and the U.S. can get in on this now, or wait till China corners the market on these products. We can put a lot of people to work, but if we listen to the oil companies, and the republicans in congress who are in the pockets of big oil, it will never happen, and we will be back to paying the same high prices, maybe higher, that we did last summer!

[MADem]

10. When it goes too high, those capped "unprofitable" wells we have here, locally,

as well as other methodologies, like shale oil, become practicable.

They have to be careful about pricing themselves out of business.

[54anickel]

11. Funny, on the way up OPEC blamed anything over $50 on speculators and claimed it was

ridiculously high at $65, unsustainable at $70. Getting a bit greedy, isn't he?

[FreakinDJ]

12. They will set price at what ever American Economy can bare

The moment they see any sort of recovery in our economy the price of oil will go up to stifle any growth

[CatholicEdHead]

13. Well tough luck to them

[and-justice-for-all]

14. OPEC is a subsidy of Satan Inc...nt

[liberal N proud]

15. And what companies are still making profits?

These are the greediest among the greedy wanting nothing short of everything.

[benld74]

16. Time to tighten the robes Abdallah! Times are tough! Learn how to do without for a change!

[santamargarita]

17. Let them go back to living in tents and chopping each others heads off

Like the good-old-days

[mac56]

18. People in Hell want ice water.

Unlike the people in Hell, though, OPEC will get what they want.

[lib2DaBone]

19. Of Course they do! With the help of our CONgress.. they will reach their goal...

..their goal is to fuck every working man, woman and child in United States. They will get what they want and more because of our Corporate Media.

[Godhumor]

21. They're a cartel. They don't need our help to set prices

As long as we need their oil, they control the price.

[Sandrine for you]

20. I think he is right. Good for them and good for us.

It's better for the people to face right now a high price to understand what new behavior we need to develop.